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Stellantis mega-merger gets approval from FCA, PSA shareholders

MILAN — Shareholders of Fiat Chrysler and PSA Peugeot decisively voted Monday to merge the U.S.-Italian and French carmakers to create worldÂ’s 4th-largest auto company. Addressing separate meetings, both PSA Peugeot CEO Carlos Tavares and Fiat Chrysler Chairman John Elkann spoke of the “historic” importance of the vote, which combines legacy car companies that helped write the industrial histories of the United States, France and Italy. Before the merger is finalized, shares in the new company, to be called Stellantis, must the launched. It will be traded in Milan, New York and Paris. The marriage of PSA Peugeot and Fiat Chrysler Automobiles is built on the promise of cost-savings in the capital-hungry industry, but what remains to be seen is if it will be able to preserve jobs and heritage brands in a global market still suffering from the pandemic. The deal will create the worldÂ’s fourth-largest carmaker, with the capacity to produce 8.7 million cars a year, behind Volkswagen, Toyota and Renault-Nissan, and create 5 billion euros in annual synergies.  “We are fully aware of the fact that together we will be stronger than individually,'' PSA CEO Carlos Tavares told a virtual gathering of eligible shareholders. “The two companies are in good health. These two companies have strong positions in their markets.” The new company will put together under one roof French mass-market carmakers Peugeot and Citroen, top-selling Jeep and Italian luxury and sports brands Maserati and Alfa Romeo - pooling companies that have helped define the industry in the United States, France and Italy. While the tie-up is billed as a merger of equals, the power advantage goes to PSA, with Tavares running Stellantis and holding the tie-breaking vote on the 11-seat board. Tavares is set to take full control of the company early this year, possibly by the end of January. Fiat Chrysler chairman John Elkann, heir to the Fiat-founding Agnelli family and Fiat ChryslerÂ’s biggest shareholder, will be the Stellantis chairman. Fiat Chrysler CEO Mike Manley will head North American operations, which is key to Tavares' long-time goal of getting a U.S. foothold for the French carmaker he has run since 2014, and the clear money-maker for Fiat Chrysler. Such a deal was long wanted by Fiat ChryslerÂ’s long-time CEO Sergio Marchionne, who had predicted the necessity of consolidation in the industry. He was unable to find a deal before his sudden death in July 2018.

Dodge Durango SRT is much cheaper than Jeep Grand Cherokee SRT

Dodge has finally announced availability and pricing for the 475-horsepower Dodge Durango SRT. The Detroit-built SUV will start at $64,090 and hit dealer lots toward the end of the year. It's not a cheap SUV by any means, but you get a lot for the money: including 470 pound-feet of torque, and all-wheel-drive. Plus it has three rows of seats and can tow 8,600 pounds. Not only that, but it's basically the best performance SUV deal from the Fiat-Chrysler group. The Grand Cherokee SRT, with the same engine, costs almost $4,000 more at $67,990. The Durango SRT outperforms the Grand Cherokee in several key areas, too. It's 0.4 seconds quicker to 60 mph and manages to break into the 12s in the quarter-mile whereas the Grand Cherokee is stuck in the mid-13-second range. The Durango can also tow an extra 1,400 pounds, has an extra row of seats, and has more maximum cargo space with the seats. So unless you just really love the Jeep look and brand, the Durango SRT seems like the logical choice. And if either still isn't potent enough, just wait for the upcoming Grand Cherokee Trackhawk. Regardless of your choice of SRT vehicle, you'll still come away with a really powerful SUV, as well as a day of instruction at the Bob Bondurant driving school in Arizona. Related Video: Featured Gallery 2018 Dodge Durango SRT View 32 Photos Image Credit: Dodge Dodge Crossover SUV Performance

Junkyard Gem: 1990 Dodge Daytona Shelby

Once Lee Iacocca took the helm at Chrysler and shifted nearly all car models to front-wheel-drive platforms — either members of the convoluted K family or descendants of the Simca-derived Omnirizon platform — he called up his pal Carroll Shelby and made a deal to help with the design of some Shelby-ized, turbocharged Dodges. This relationship resulted in the Shelby Charger starting in 1983 and the Omni GLH in 1984. For 1987, the K-based Dodge Shadow and Daytona got the Shelby treatment, and suddenly the roads of North America were awash in Shelby-badged turbocharged machinery. Most are long gone by now, but I managed to unearth this tattered and rusty '90 Shelby Daytona at a Denver yard. The Shelby Daytona stayed in production through the 1991 model year (when the car got both Shelby and IROC badging, and does anybody remember the IROC Daytona today?), but most of the examples I've found during my wrecking-yard explorations have been earlier models. You won't find many '90 or '91 Daytona Shelbys. Some junkyard shopper pulled the cylinder head and all the turbo-related goodness before I reached this car. That makes sense, because the 1990 Daytona Shelby's turbocharged 2.2-liter engine made 174 horsepower— way more than most previous turbo Chryslers. Maybe someone hot-rodded their Plymouth Caravelle with those parts. This car has the five-speed manual transmission, as it should. Note the New Car Scent Little Tree, which is the second-most common junkyard-found air freshener (after Black Ice). It's not hard to identify the main reason this car got discarded: catastrophic (by Colorado standards) body rot. 171,349 miles is pretty decent for a nervous turbocharged car from 30 years ago. I don't see many Colorado junkyard cars with brewery and/or skiing-related stickers that don't also have stickers from cannabis dispensaries, but here's one. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Pretty much just as good as the Porsche 911 Turbo, and $70,000 cheaper! Featured Gallery Junked 1990 Dodge Daytona Shelby View 21 Photos Auto News Dodge Automotive History Coupe Carroll Shelby shelby Junkyard Gems